MyState Limited is a national diversified financial services group headquartered in Tasmania. It was formed in September 2009 following the merger of MyState Financial, an authorised deposit-taking institution, and Tasmanian Perpetual Trustees (TPT), a trustee and wealth management company. On 1 December 2011, MyState Limited acquired The Rock Building Society (The Rock) based in Central Queensland. On October 6, 2014, following authorisation from the Australian Prudential Regulation Authority (APRA) MyState Financial changed its name to MyState Bank (MyState).
MyState, TPT and The Rock are wholly owned subsidiaries of MyState Limited, a non-operating holding company.
The company aims to create value through:
- The ongoing development of the group by optimising the performance and improving productivity of MyState, The Rock and TPT.
- The stronger funding and capital position that is achieved with the greater scale of the combined businesses of MyState, The Rock and TPT, which will support the growth strategies of the group.
- Maximising the financial strength and scale of the three complementary businesses to improve the competitiveness of each company in their respective markets.
- Increasing the strong brand affinity of MyState, The Rock and TPT through the improved ability to offer more products and services to their respective customers.
- Providing greater benefits for the existing customer base of approximately 240,000 customers through the combination of the distribution networks of MyState, The Rock and TPT.
- Improving the capacity for MyState, The Rock and TPT to pursue expansion in both existing and new market segments as well as new geographic markets to increase customer and product diversity.